The Globe and Mail reports in its Friday edition that ahead of fourth quarter earnings season for Canada's telecommunications companies, TD Cowen analyst Vince Valentini reset the interest rate assumptions embedded in his valuation for their stocks to account for a "slightly" higher bond yield projection. The Globe's David Leeder writes in the Eye On Equities column that Mr. Valentini says in a note: "Based on recent estimate revisions by TD Strategy, we have increased our 12-month out assumption for the Government of Canada 10-year bond yield to 3.15 per cent versus 3 per cent previously (TD Strategy is at 3.10 per cent in Q4/25 and 3.15 per cent in Q1/26). Our EV/EBITDA multiples for Rogers, BCE and Telus get adjusted upwards or downwards based on the difference between current/forecasted rates and the long-term average (20-year average for the GOC 10-year yield is 2.6 per cent). Given that our revised estimate of 3.15 per cent is above the long-term average, there is downward pressure on our target multiples, which has slightly lowered our target prices." Mr. Valentini continues to rate BCE "hold." He gave his share target a $1 trim to $31. Mr. Valentini rated BCE "hold" on Dec. 4 when it was worth $37.79.